SKHY is up 1.11%. In both the 4-hour and daily chart directions, it has flipped upward, and the price has also held above the MA20/MA50. But the climb feels awkward: in the active trading volume, 78% are sell orders, and the long/short ratio is only 0.287—no one is genuinely buying to push it higher.
The rise is propped up by resting sell orders being used as a lift. On the order book, there are 6,982 lots of sell orders sitting at the top, while only 1,824 lots of buy orders are below. The selling pressure is about 4 times the buying side. The price “hugs” the moving averages as it creeps upward, but the force behind the selling is far greater than the strength behind the buying.
Open interest shrank by 9.86% in a day. This upswing isn’t money flowing in—it’s positions being withdrawn. Spot large orders haven’t had any net inflow for five consecutive candles; the funding rate is flat at 0. This “fire” is just a hollow blaze.
163.5 is the 24-hour high and also the short-sellers’ line of defense. If it rebounds into 162–163, I would short directly. The first target is 158 (the 24-hour low). Set a stop-loss at 164 above. If it breaks 158, that means the next leg of the decline.
What signals would make me turn bullish? When all three line up: (1) the proportion of active buy orders returns to above 50%, (2) open interest turns and increases (adding positions), and (3) price rises with volume and holds above 163.5. Only then would I admit I was wrong; until then, I only short. #skhy $SKHY
The rise is propped up by resting sell orders being used as a lift. On the order book, there are 6,982 lots of sell orders sitting at the top, while only 1,824 lots of buy orders are below. The selling pressure is about 4 times the buying side. The price “hugs” the moving averages as it creeps upward, but the force behind the selling is far greater than the strength behind the buying.
Open interest shrank by 9.86% in a day. This upswing isn’t money flowing in—it’s positions being withdrawn. Spot large orders haven’t had any net inflow for five consecutive candles; the funding rate is flat at 0. This “fire” is just a hollow blaze.
163.5 is the 24-hour high and also the short-sellers’ line of defense. If it rebounds into 162–163, I would short directly. The first target is 158 (the 24-hour low). Set a stop-loss at 164 above. If it breaks 158, that means the next leg of the decline.
What signals would make me turn bullish? When all three line up: (1) the proportion of active buy orders returns to above 50%, (2) open interest turns and increases (adding positions), and (3) price rises with volume and holds above 163.5. Only then would I admit I was wrong; until then, I only short. #skhy $SKHY
